: There’s one culprit for U.S. airlines’ steeper losses, and it’s not lack of demand

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Shares of U.S. airlines have posted double-digit losses in September, with stocks of those focused on domestic, leisure air travel the most affected as the industry enters one of its shoulder seasons.

So far, so predictable. What airlines couldn’t have predicted is that rising fuel prices are making a bigger dent in their balance sheets.

Oil…